News of an initial public offering in dry bulk on the London Stock Exchange is a boost for the UK maritime hub, if it means the public equity investors of the north-west coast of Europe are warming to tonnage now.

But, in the longer run, it raises a huge question about what the shipping industry really needs to spend money on, and how to raise it.

In the run-up to a global showdown with climate change, is secondhand asset-play-based shipowning sustainable? And how long will the increasingly environmental, social and corporate governance (ESG)-conscious public investors be willing to back it?

TradeWinds reporter Gary Dixon described in depth on Hong Kong shipowner Ed Buttery and his Taylor Maritime Investments (TMI), the planned public spin-off of a handysize and supramax fleet that 36-year-old Buttery has patiently and sometimes stealthily built over the past seven years.